Bob Hogue - Pre Lic. Test Questions Flashcards

Bob Hogue - Pre Lic. Test Questions Flashcards The broker followed the directions issued in an escrow disbursement order that became the subject of a lawsuit.The consumer-plaintiff obtained a judgment against the licensed real estate broker. It is determined that the consumer is eligible to seek reimbursement from the Recovery Fund. The Fund may NOT reimburse which expense?A)Broker-defendant's court costsB)Punitive damagesC)Broker-defendant's attorney's feesD)Plaintiff's attorney's fees B A real estate broker who works in a limited capacity for both the buyer and the seller in the same transaction isA)a transaction broker.B)bound to fiduciary duties to both the buyer and the seller.C)a designated sales associate.D)a third party intermediary.A An individual who received a four-year degree in real estate from a state university is NOT exempt from which license requirement?A)FREC Course II for brokersB)Post-license educationC)FREC Course I for sales associatesD)State license exam D Which brokerage disclosure notice must be signed or initialed by the buyer or seller before implementation?A)All of the brokerage disclosure notices must be signed or initialed before implementation.B)No brokerage relationshipC)Transition to transaction brokerD)Single agent C How many Florida Real Estate Commission members may be licensed as a real estate sales associate?A)FourB)ThreeC)OneD)Two C A warning for an initial offense that allows a licensee to correct the minor infraction without consequence is known as a(n)A)letter of reprimand.B)notice of noncompliance.C)administrative fine.D)citation.B When a real estate school changes business address and the school permit holder notifies the FREC within the required ten days, the instructor permits of the instructors who continue to teach for the schoolA)cease to be in force.B)remain in force.C)revert to involuntary inactive status.D)are temporarily ineffective.B On Sunday at an open house, a sales associate receives two offers on a home listed for $300,000. One offer is for $250,000 cash at closing. The second offer is for $295,000

contingent upon the buyer securing a mortgage for 90 percent of the sale price. What action should the sales associate take?A)Present both offers, explaining the details of each contract to the sellerB)Present the higher priced offer first, and if declined, present the second offerC)Present the offer received first, and if declined, present the second offerD)Present only the higher priced offer because it will result in the highest commission A A)Sales associate fails to deliver an earnest money deposit to her broker before the end of the next business

dayB)Individual performs real estate services for compensation without a real estate licenseC)False advertisingD)Broker fails to register a trade with the Commission B

Under Florida Statute 455, which penalty may be imposed on an individual for unlicensed practice of real estate?A)Any of these penalties may be imposedB)RevocationC)SuspensionD)$5,000 fine per count D After what period of time does an involuntary inactive license automatically expire and become null and void?A)Four yearsB)Two yearsC)Five yearsD)One year B Which brokerage relationship duty applies to all three types of brokerage relationships?A)Using skill, care, and diligenceB)ConfidentialityC)Accounting for all fundsD)Loyalty C Which document would contain information regarding the architectural design standards that must be used in a particular subdivision?A) Zoning codeB) Restrictive covenantsC) Subdivision plat mapD) Building code book B Which instrument can be used by a property owner to control how a particular parcel of real property may be utilized by future property owners?A) Special exceptionB) Zoning codeC) Deed restrictionsD) Restrictive covenants C The sales associate that worked with the buyer in the transaction sets up an appointment with the buyers to visit them six weeks after the sale. The sales associate routinely makes a visit after the title closing to thank the buyers for choosing her real estate company and to extend an offer to help with the buyers' future real estate needs. What type of service is the sales associate providing?A)Delayed customer contactB)Door-to-door salesC)Final walk-through and property inspectionD)Follow-up D Which property is defined as residential real estate under Chapter 475, Florida statutes?A) Fifty-unit apartment complexB) Neighborhood grocery storeC) Eight acres of agricultural propertyD) Local elementary school C A broker who fails to pay an earnest money deposit at the title closing in accordance with the contract for sale and purchase may be charged with which offense?A)Breach of contractB)Failure to account for and deliverC)Moral turpitudeD)Commingling B Is a broker required to retain the brokerage relationship disclosure documents, and if so, for how long, if a written nonresidential transaction that utilized designated sales associates fails to close?A)The broker must retain the disclosure documents for 90 days to give ample opportunity for the parties to close the deal.B)The broker is required to retain disclosure documents only for contracts that go to